Important Dates for October

| October 03, 2017
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October 16th

  • Last date for filing a personal income tax return that is on extension.
  • Last date to make a 2016 SEP IRA contribution, IF the employers tax return is on extension. (Note: this does not apply to IRA contributions, even if a return is on extension.)
  • Re-characterizing a 2016 ROTH IRA conversion. This is the last date to complete (not start) the re-characterization.
  • Tax payers may re-characterize an IRA contribution to a Roth IRA, and a ROTH IRA to an IRA.
  • Last day to correct 2016 excess contributions; any excess contributions not corrected are subject to 6% penalty.

October 31st

  • If a trust is the beneficiary of an IRA in 2016, this is the last day to submit a copy of the trust, a list of all the beneficiaries, and their entitlements to the IRA custodian or plan. A trust beneficiary must meet this requirement in order for the trust to be determined a see-through trust and to be able to use a life expectancy for calculating RMDs that will go to the trust each year. This requirement is frequently missed!

If you have any questions, please feel free to reach out.

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